Ann: GRR - Quarterly Report for 3 months ended 31 Dec 2014, page-3

Outstanding safety focus has been maintained with no Lost Time Injuries recorded
during the quarter. Grange’s operations are now over 1,620 days Lost Time Injury
free.
 Strengthened cash position to A$153.6 million as at 31 December 2014, an increase
of A$13.6 million from the September 2014 quarter.
 Delivered another record breaking quarter for concentrate production. Annual
production of concentrate at an all-time record over 2.6MT.
 Average weight recovery of 49% was achieved for the year.
 Strong Pellet production of 2.34MT was attained for the year, an 18% increase on
previous year.
 North Pit development continues to yield high grade ore from the main ore zone.
South Deposit is now in full production, providing an additional ore source.
 Management continues with cost reduction initiatives to maintain competitive unit
operating costs.
 While downward pressures on iron ore prices remain, our pellet quality premiums
continue to improve.
 Grange’s high quality, low impurity iron ore products continue to attract a
premium with average product prices of US$91.34 (A$107.36) per tonne
(FOB Port Latta) for the quarter.
 Continued focus on selling cargoes to targeted customers.
 South Deposit Tailings Storage Facility (SDTSF) construction is progressing to plan.
The new SDTSF will provide sufficient tailing storage capacity for LOM.
 Preparation in progress for mid-year Mill Shell upgrade.